Hays Travel, the rival of Thomas Cook is buying all Thomas Cook UK stores. In addition to buying all 555 Thomas Cook stores, it will potentially save up to 2,500 jobs. The independent travel agent has already hired 421 ex-employees of Thomas Cook.
The fall down of the oldest company
The world’s oldest travel company recently filed for liquidation in the UK, wiping out $2.3 Billion from the market. The company blamed summer heatwave and Brexit for its collapse. After abruptly announcing its fate, hundreds of thousands of vacationers were left stranded as all of its flights were canceled.
“We are sorry to announce that Thomas Cook has ceased trading with immediate effect,” the company said in a statement.
About Hay Travels
Hays Travels was founded in 1980 and is jointly owned by Managing Director John Hays and Chair Irene Hays. In 2018, the sales of the company reached $1.22 Billion. It began with a single shop in Seaham, County Durham.
It began to mark its footprint in northeast England but expanded in the south after the purchase of Bath Travel. Currently, it has 1,900 staff with 190 shops in the UK.
Company’ statement on buying the shops
“It is a game-changer for us, almost trebling the number of shops we have and doubling our workforce – and for the industry, which will get to keep some of its most talented people,” John Hays said in a statement on the company’s website.
Thomas Cook on selling the real estate
Many companies were interested in buying Thomas Cook’s real estate shops. However, the travel company wanted to smooth transaction over the sales of the shops and chose Hay Travels.
KPMG is overseeing the process of the Thomas Cook retail division. Jim Tucker, Partner at services at KPMG and joint manager at the travel company said: “Over the weeks ahead, we will work closely with Hays Travel and landlords to ensure a smooth transition of the store estate.”
The country has appointed an Official receiver to evaluate the value of Thomas Cook’s assets.